DNLI vs VXZ: Correlation
Measured on weekly returns over the past three years, Denali Therapeutics Inc. (DNLI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNLI and VXZ?
Over the past 3 years, DNLI and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.38 over 3 years. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -582.4 %².
Among the 25 assets we track against DNLI, VXZ sits near the bottom by co-movement, at rank #24. Correlation aside, the last 12 months split them widely, with DNLI ahead by 74.2 points (+58.1% versus -16.1%). Risk is not evenly split, since DNLI carries 2.4 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DNLI vs VXZ: side by side
| DNLI (Denali Therapeutics Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +58.1% | -16.1% |
| 5-year return | -53.4% | -53.1% |
| Volatility (ann.) | 60.6% | 25.6% |
| Beta vs S&P 500 | 2.02 | -1.31 |
| Max drawdown (3Y) | -63.7% | -36.4% |
| Market cap | $3.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNLI | VXZ |
|---|---|---|
| 2022 | -37.6% | +0.5% |
| 2023 | -22.8% | -44.0% |
| 2024 | -5.0% | -12.7% |
| 2025 | -19.0% | +5.7% |
| 2026 | +49.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNLI and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DNLI and VXZ?
The DNLI/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.24, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DNLI?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dnli-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnli-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DNLI correlations · VXZ correlations
